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Tesla Expected to Report $440 Million Writedown on Its Bitcoin Holdings

Sun, 07/03/2022 - 18:40
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Alex Dovbnya
Tesla reported that it held roughly $2 billion worth of Bitcoin back in November
Tesla Expected to Report $440 Million Writedown on Its Bitcoin Holdings
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E-car maker Tesla is likely to report an impairment loss of roughly $440 million in its upcoming quarterly report, according to a Sunday report published by The Telegraph.

The world’s largest cryptocurrency is trading slightly above the $19,000 level at the time of writing this article.

Tesla caused a huge stir in the investment community by buying $1.5 billion worth of Bitcoin last February, pushing the price of the world’s largest cryptocurrency to record highs.

Tesla to Power Bitcoin Mining Facility
The e-car maker sold some of its holdings back in March 2021 in order to test the cryptocurrency’s liquidity.

Its Bitcoin stash has remained unchanged since then despite the fact that the company stopped accepting the leading coin for payments last May, causing a major price correction.

In February, Tesla reported that its Bitcoin stash was worth $2 billion

The Elon Musk-helmed company reported a Bitcoin-related impairment of $51 million. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at